Grain Highlights 20.03.2024

The Canadian Ministry of Agriculture forecasts the wheat production for 2024/25 in the country at 34.6 million tons (+0.7 compared to the previous estimate and +2.6 compared to 2023/24).

- In January, grain imports to the EU from Ukraine reached 2.6 million tons (+35% compared to January 2023), grain imports to the  EU from Canada were 271,000 tons (-25%) and imports from Russia reached 108,000 tons (-50%).

- According to forecasts from the Canadian Ministry of Agriculture, the wheat production for 2024/25 in the country is estimated at 34.6 million tons (+0.7 compared to the previous estimate and +2.6 compared to 2023/24). Domestic consumption will be 9.3 million tons (+0.2 and 8.6%), wheat exports are expected at 24.6 million tons (23.5 last year), ending stocks are estimated at 4.4 million tons (3.6). The durum wheat production is included in the previous figures and will be 5.7 million tons (+0.3 and +1.7%), durum wheat exports are projected at 4.5 million tons (+0.1 and +1.3%). The barley production will reach 9.5 million tons (+0.2 and 8.9%), with ending stocks of 1.3 million tons (1 million). The corn production will be 14.9 million tons (+0.6 and 15.1%), domestic consumption will be 15.1 million tons (+0.3 and 15.7%), and ending corn stocks are expected to reach 2.2 million tons (+0.3 and 1.9%). The oilseed production will be 18.1 million tons (-0.3 and +0.2%), consumption will reach 0.9 million tons, and ending stocks are forecasted at 1.7 million tons.

- During the period January-February, Brazilian soybean deliveries to China reached 6.96 million tons (2.24 more than a year ago), while deliveries from the United States were 4.96 million tons (9.71). The total import to China for the period is 13.04 million tons, the lowest level in the last five years.

- Authorities in China have approved the cultivation and consumption of 27 new GM corn varieties and 3 GM soybean varieties in the country. Data indicates that yields from these crops look quite optimistic. Currently, average yields of both crops in China are about 40-45% lower than those in the United States.

- According to data from SEA, in February, exports of oilseed meals from India reached 515,700 tons (477,580 in January). 144,400 tons of rapeseed meal and 347,900 tons of soymeal were exported. From April 2023 to February 2024, exports of meal to South Korea reached 787,909 tons (-10.52% for the year), followed by Bangladesh with 779,558 tons (+79.8%), Thailand with 604,782 tons (-11.64%), Vietnam with 394,660 tons (-55.41%) and Iran with 341,266 tons (0%).

- The Indian Ministry of Agriculture estimates the new corn production in India at 35.5 million tons, which is 6.7% less than the previous season - 38.08 million tons.

- Algeria has purchased around 200,000 tons of hard wheat at prices of 390-395 USD/ton. Initially, the tender sought 50,000 tons of hard wheat and 50,000 tons of soft wheat. No soft wheat was purchased.

- Jordan has announced a tender for the delivery of 120,000 tons of wheat of unspecified origin with delivery scheduled within June - July.

- According to Oil World data, soybean exports worldwide in February were 13.7 million tons (+2 compared to February 2023). During the first half of the season, deliveries were 78.7 million tons (+4.4%).